One, two, and three family homes; single family homes on cooperatively owned land.
Condominiums with no more than three dwelling units, provided such property was previously classified as
Class One or no more than three stories in height and built as condominiums.
Mixed-use property with three units or less, provided 50 percent or more of the space is used for residential
purposes. Vacant land, primarily residentially zoned, except in Manhattan below 110th Street.

Class Two -

All other residential property not in Class One, except hotels and motels. Mixed-use
property with four or more units, provided 50 percent or more of the space is used for residential purposes.

Property in New York City is reassessed every year. The City assesses property at approximately 40 percent of
Market Value for commercial and industrial property and 20 percent of Market Value for residential property.

Sources: Resolutions of the City Council and The Annual Report of The New York City Property Tax Fiscal Year 2016.